Top Financial Stocks
Financial stocks were extending their earlier gains with the NYSE Financial Sector Index advancing about 0.9% and the S&P Financial 100 Index climbing over 1.1%.
In company news, HCC Insurance ( HCC ) was holding on to a small gain Thursday, earlier climbing to a new all-time high and the property and casualty insurer late yesterday raising its quarterly dividend by 31% to $0.295 per share, payable Oct. 15 to shareholders of record on Oct. 1.
The company also authorized a new stock buyback program for up to $500 million of its shares. The new share-repurchase program replaces HCC's existing program that had around $130.9 million of authorization remaining unused.
HCC shares were up about 1.2% at $49.59 a share, just under its new record high of $49.63 a share. Over the past 12 months, the stock has risen about 16.7%.
In other sector news,
(+) CIZN, Authorizes stock buyback program for up to 200,000 of its shares over the next 36 months.
(-) FBRC, Announces preliminary results of modified "Dutch auction," with the asset manager agreeing to purchase 1.2 mln shares at $28 apiece, or $33.6 mln overall.
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